Credit Counseling

Sep 092010
 

My bills were piling up and I did not want to file bankruptcy because I was paying all my bill on time, but I had more bills than money and I began to feel like I was drowning.  A friend told me about a CCS and I called them, I included all my cards a personal loan that was robbing me with an astronomical interest rate.  The CCS was able to get most of the interest rates reduced.  As the months progress I still check my credit cards but I began to notice that the monthly payments on a few of the cards was not enough to cover the interest each month so the balances are minimally increasing.  I began making extra payments in order to get the balances paid off, and on my loan, since they are making payments towards the end of the month, predominantly most of the money is going to interest.  These cards have been closed due to my entering an agreement with the CCS which is something that I am worried about.  How is the CCS going to effect my credit now?  Two days ago I ordered my credit score with equifax and it is now a 560 down from a 690 before entering the CCS.  Can anyone give me some advice on what to do next, how to recover from this?

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Will A New Car Loan Lower My Credit? I Have a High Debt-To-Income Ratio….

May 232010
 

Hi y’all!

 

I just got a new job as a recent college graduate and I’m in a pickle.

 

My credit score is 541. Rather poor.

 

I need either a new apartment closer to work or a new car so I don’t have rely on my parents driving me.

 

I will eventually need a new shared room or apartment by July 1st as that is the deadline my parents gave me for moving out.

 

I’ve been denied a lease for an apartment or shared room before due to low credit.

 

My father told me I should wait until mid-June for my credit to re-cycle and try again looking for a room or apartment.

 

However I recently got approved for a car loan from Roadloans at a ridiculously high interest rate of 24%.

 

My father tells me I should not take the car loan as it will lower my credit score significantly due to my already high debt-to-income ratio.

 

So I have several options:

 

1) Wait till mid-June for my credit to bump up a bit due to recent disputes and on time payments than hope I can find an apartment. No car.

 

2) Accept the car loan from Road-loans at an interest rate of 24% with the risk of a lowered credit rating. Won’t have an apartment but I’ll have a car.

 

3) Accept the car loan from Road-loans with the risk of lowered credit rating AND look for an apartment towards the end of June. 

 

I hate relying on my parents for everything, so I think that getting car will alleviate some tension while I pay them rent. So that way I’ll have more time for looking for an apartment and I can look in areas that have lower rent and less competition (I.e. not near the Metro)

 

However, I’m afraid if I take the car loan, as my father warns me, my credit rating will drop significantly and I’ll never be able to sign a lease for the length of the car loan despite on-time payments.

 

The real world sucks. I miss college… :(

 

What do you guys think I should do…?

Cable Paid but CA on Reports

Apr 232010
 

Hello everyone.  I’d like some input on how I should approach a problem that is really affecting my credit.  I moved into the current basement apartment I live in with my daughter over 3 years ago.  I didn’t have any help and towards the end of packing, was putting things that didn’t go together in the same box.  As a result, I put my cable box in a box with photo albums. 

 

Because my cable TV and Internet is included in the homeowner’s WiFi, I had no need for my own cable account and totally forgot about the cable box. At least until the day I went to find my photo albums.  Guess what I found?  The very next day I drove the cable box to Cox Cable, explained what happened, turned in the box, and paid about $92 they said I still owed.  There was also a bill for $36 for the equipment but since I returned it, that bill was deleted (or so I was told).  When settling this with Cox Cable, the rep that day told me no adverse action had been taken and everything was fine.  I didn’t think any differently because I had not received any sort of collection notice or even a bill for that matter.

 

Well, guess what’s on my credit reports… all three of them?!  TWO collections for a CA for Cox Cable (one for the equipment… which was moot) and another for the $92 bill.  : ( 

 

I’ve managed to find the bio of the Northern VA Cox Cable CEO/Manager… and his contact information. 

 

Would it be a bad move to send the CEO a GW letter/e-mail?  Or should I dispute with the CRAs?  Or DV the CA?  The CA only reports for one month (and I believe it’s for a time AFTER I actually paid the account).  The accounts are marked as paid collection.

 

My goal is to have these deleted… either at the request of the OC or as a result of a successful dispute with the CRAs.

 

I’ve read the “which do I do” thread, but I’m still not sure.  I’m nervous about making the wrong move.

 

I did notice that the Cox CEO for N. VA is prior Army (8 years as an Army ranger).  I work for the Army (civilian).  I wonder if that might work against me or in my favor.

 

Any thoughts?  What would you do?  I’m sure my scores would greatly improve.  This snafu = 2 paid collections on my CRs.

 

* The account was paid off 4 years ago.

1099 Help

Jan 252010
 

So I just received a 1099C from Macys on a debt that I dispute is mine, I don’t know what to do. The debt was charged off back in 2005 per my credit report. I disputed this debt with Macys towards the end of 2009 and I guess I woke up a sleeping dragon because now I got this 1099. My question is I already filed my taxes!!! what to do???

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